Discuss forextrainingworks.com (Sid Wyemann)

[Administrator]

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[trader]

Scalping 1 to 2 pips at market opens?!

From the reviews it seems that's what his course teaches. There's no refund possible if you find it doesn't work.

And he uses 3 hourly charts to scalp the GBP/USD, for 1 pip! Spread is already 4, widened at Oanda to 6 or 7 at those times!

Doesn't that sound like madness to you?

 

[jerryp]

sid weymann

Trader yes if what you are saying was factual, it would be crazy of course. The truth is that Sid Weymann has many trading rules and one of them is not to trade near an announcement because of the increasing of the spread with Oanda. Yes the method is a scalping method but that is to decrease the danger of constantly being exposed to the ups and downs of the market. I have traded forex for 2 years and Sid's method makes sense. I would advise you check our his homepage as he responds to some of the negative reviews which in some cases are plain not the truth. Good luck Trader.

 

[trader]

News announcements every day

Truble is, Jerry, there's news announcements every day, and the time specifically stated for trading are precisely news announcement times, because he said he wants momentum where the GBP/USD can move 5 or 6 pips in a second.

You said you traded forex for 2 years, but were you using Sid's method for those times? No way, because 1 year ago Sid was still taking a course with Rob Booker.

And even if you were trading Sid's method, were you making money? The only positive reviews only said things like "WILL make money", "WILL be able to trade for a living" etc simply because they never went live.

If the course works there should be a money-back guarantee, and this fact alone should entitle anyone dissatified to label it a scam!

 

[jerryp]

The reviews you read were 1/2 truths etc. The time Sid says to look to trade is for example 6:45 to 8:20 GMT for the London session. He also strongly states to check each day for news announcements and to be out of the market well before the announcement. Members who have read some of the reviews on this course are dumbfounded by some of what has been said. In my opinion it is people who have failed over and over again and aren't accountable for not having the discipline, patience or whatever it takes to be successful.

If a course is considered a scam because it doesn't have an open ended money back guarantee, that dooms about every course I've seen or heard of. I have been victimized by many forex scams and this isn't one of them. Sid mentioned these reviews and responded on his website but is now considering hanging up teaching and just working with continuing students. He's tired of the slams.

 

[Clemen]

Options is my thing

I have been trading and teaching options trading, and have been studying forex recently. It seems I might be better off sticking to options because the educators are mostly scam artists.

Sid Wyemann is a very slick marketer. He states that 'you will never lose (not 'loose', for most of the newbie traders!) your capital' and that's exactly so, if you don't count the US$1,000 non-refundable course fee. You won't lose your capital because you are told to demo trade to kingdom come first, and that takes up to a year.

Jerry, are you Kris? You begin to sound more and more like Kris, Sid's side kick.

 

[trader]

Sid hanging up teaching? Good news if he does!

I read his website - he NEVER said he was hanging up teaching, but it would be a boon to the forex education industry if he does, because then at least 60 people a month would save $1,000 each.

Don't be silly, Jerry, Sid will never 'hang up teaching', simply because he pockets $60,000 a month; that's $720,000 a year. Lucrative indeed, wouldn't you say? Would you kill such a golden goose?

That's why he doesn't trade himself. He doesn't need to.

As for news announcements, the only time the required momentum is there to scalp IS when the news are announced. He does not specify which news to avoid either. If every news that is every day! So, no trade, and then it'd be indeed true, you can't lose your capital.

... to check each day for news announcements and to be out of the market well before the announcement.

... Sid mentioned these reviews and responded on his website but is now considering hanging up teaching and just working with continuing students. He's tired of the slams.

 

[jerryp]

How much movement do you need to catch 3 or 4 pips a day. Certainly doesn't require an announcement. Their is no trading if their is no movement in this method. How do you know Sid doesn't trade?

Bottom line is it works for some and not others. It is not a scam. If you have a method that is working for you, cool. Their are many ways to skin the forex cat. Unfortunately most blow out their accounts within a short while. I've been trading forex for 2 years and haven't blown out any accounts but I haven't set the world on fire either. I was like many who went from one system or method to another on a continual search. My days of reading forums looking for the next greatest system are over.

I've decided its up to me to make a business rather than a hobby out of forex. I honestly don't like to trade so scalping fits me well. Do a trade win or lose and out for the day. Good luck to you trader and I wish you well. This is my last post here as I'm not trying to change minds, just set a few things straight.

 

[trader]

Easy to catch 4 pips a day?

...How much movement do you need to catch 3 or 4 pips a day. Certainly doesn't require an announcement. Their is no trading if their is no movement in this method.

You need 9 to 10 pips to catch 3 to 4 pips, due to the spread. If you think consistently catching 3 to 4 pips profits every day is easy, you ain't see nothing yet! No news, not enough momentum. And using hourly charts to scalp for 1 pip!?

...How do you know Sid doesn't trade?

We know because he can't produce his trading statement, or a statement from the broker saying that he is consistently making money trading that way

...most blow out their accounts within a short while. I've been trading forex for 2 years and haven't blown out any accounts

But sooner or later you will have to give up because scapling that way will be too stressful; one of these days it will blow up, when you make a mistake, or the brokers play up

...but I haven't set the world on fire either. I was like many who went from one system or method to another on a continual search. My days of reading forums looking for the next greatest system are over.

I'll bet you haven't ... you make a pip a day for 100 days, then 2 days in a row you lose 50 pips each, this sort of thing is waiting to happen

If you are so successful trading the forex why are you still looking at Felix's FPA

I've decided its up to me to make a business rather than a hobby out of forex. I honestly don't like to trade so scalping fits me well. Do a trade win or lose and out for the day.

You begin to sound more and more like Sid and Kris. Trade for a few seconds and then out for the day, my goodness! How can you get familiar with forex trading that way?

 

[Clemen]

Money back guarantee

when I teach options trading I also do not give a money back guarantee, but now some students are suing me and my organisation for misleading advertising. I am fighting it, but can now see the point that if Sid Wyemann does not give a Money back guarantee losing students would feel disgruntled and post negative comments in forums.